Market Trends of Malaysia Facility Management Industry
The Rise in Digital Technology Drives the Facility Management Market
The demand for American technologies in the information and communications technology (ICT) sector is still driven by Malaysia's digital transformation, which aims to make Malaysia the digital center of Southeast Asia.
Malaysia is concentrating on creating 5G ecosystems, digital infrastructure for buildings, satellite broadband, networking, and smart automation. This gives US businesses a chance to offer cybersecurity and digital technology shortly.
Moreover, Malaysia is conveniently located in the region's center, providing quick access to other developing markets and strong infrastructure, connectivity, and economic stability. According to the Malaysian Government, one of the markets' fastest-growing industries, ICT will contribute 22.6 percent of the nation's GDP by 2025.
Due to budget constraints, Malaysian businesses previously did not place a high priority on cybersecurity. Yet, the worldwide pandemic is forcing more businesses to become digital, driving up demand for cybersecurity solutions to reduce their organizations' susceptibility.
Preventive maintenance is essential to maintenance management because it safeguards the good condition of facilities before they break down. After the strategy is implemented, a sizable amount of data about maintenance and operation will be produced. Data related to Malaysia's government and asset upkeep are preserved by the Malaysian Public Works Department.
Soft FM to Witness the Growth
Soft FM services usually make a building more comfortable, pleasant, and safe for its occupants. Soft FM services include grounds maintenance, landscaping decorating, catering services (including vending machines and water coolers), pest control, cleaning, waste management, car parking, workspace management, etc.
In current market scenarios, Facilities management firms have identified high-level cleaning services as a growth area for their business based on the rising complexity of projects across various parts of the country. Key benefits of Soft FMServices include efficient waste management, adequate office security, catering for the workforce, and many others.
In the administration of soft services facilities, the introduction of the Internet of Things is quickly emerging as a significant force. IoT offers a continuous, real-time data stream that facilitates improved decision-making and work-process optimization across various industry sectors. The importance of outsourcing companies is growing, and businesses are putting more of an emphasis on providing individualized, value-added services like risk management that is both practical and credible, including management of local labor laws and HSE. These are two additional factors fueling the growth of the soft services facilities management market.
Furthermore, the COVID-19 outbreak has acted as a catalyst, especially for change in how facilities are managed, and services are provided. As the organizations are growing within various sectors, they require careful consideration and tailored plans; the role of FM services providers can also become more strategic and long-term based.
